**VALUE**

**DESCRIPTIVE ANALYSIS**
summarize value_w age_w ad_w rd_w sg_w ss_w prof_w lnsi_w gdp_w wgi_w

**NUMBER OF FINANCING ROUNDS**
tab country, summarize (value_w)
tab stage,summarize (value_w)
tab year,summarize (value_w)

**SETUP PAINEL**
xtset id date

**CREATION OF THE DEPENDENT VARIABLE WITH 1 TIME LAG**

gen lnvalue_w1 = lnvalue_w[_n-1]

**TESTING THE BEST REGRESSION TYPE**

quietly xtreg lnvalue_w lnage_w stage ad_w rd_w sg_w lnss_w prof_w lnsi_w gdp_w wgi_w, re

estimates store aleatorio

xttest0

**EFFECT TYPE TEST**

quietly xtreg lnvalue_w lnage_w stage ad_w rd_w sg_w lnss_w prof_w lnsi_w gdp_w wgi_w, fe

estimate store FE

quietly xtreg lnvalue_w lnage_w stage ad_w rd_w sg_w lnss_w prof_w lnsi_w gdp_w wgi_w, re

estimate store RE

hausman FE RE

**HOMOCESDASTICITY TEST**

quietly xtreg lnvalue_w lnage_w stage ad_w rd_w sg_w lnss_w prof_w lnsi_w gdp_w wgi_w, fe

xttest3

**REGRESSION TESTS**

**MODEL 1**

xtreg lnvalue_w lnsi_w gdp_w wgi_w i.sector, fe robust

**MODEL 2**

xtreg lnvalue_w lnage_w stage lnsi_w gdp_w wgi_w i.sector, fe robust

**MODEL 3**

xtreg lnvalue_w lnage_w stage ad_w rd_w sg_w lnss_w prof_w lnsi_w gdp_w wgi_w i.sector, fe robust

**MODEL 4**

xtreg lnvalue_w lnvalue_w1 lnsi_w gdp_w wgi_w i.sector, fe robust

**MODEL 5**

xtreg lnvalue_w lnvalue_w1 lnage_w stage lnsi_w gdp_w wgi_w i.sector, fe robust

**MODEL 6**

xtreg lnvalue_w lnvalue_w1 lnage_w stage ad_w rd_w sg_w lnss_w prof_w lnsi_w gdp_w wgi_w i.sector, fe robust



